Scales Mound, Illinois Property Taxes
The median property tax rate in Scales Mound, IL is 2.44%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Scales Mound at $98,611, the typical annual property tax bill reaches $1,829, exceeding the national median of $2,690. Property taxes in Scales Mound are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Scales Mound's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Scales Mound or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scales Mound, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$2,406
$2,233
Ownwell’s Scales Mound Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scales Mound with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scales Mound to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Scales Mound, Illinois
Property taxes in Scales Mound, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scales Mound is 2.44%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Scales Mound set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scales Mound estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Scales Mound's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61075 zip code has the highest median property tax rate of 2.44%, while the same zip code also represents the lowest median tax rate of 2.44%. Understanding how these figures compare with Scales Mound provides valuable insights into the varying tax landscape across Jo Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scales Mound Tax Rate
2.44%
Average Jo Daviess County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scales Mound, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61075 | 1.98% | 2.38% | 2.44% | 2.58% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Scales Mound, Illinois
In Scales Mound, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Jo Daviess County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Scales Mound, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Scales Mound helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Scales Mound is $98,611, with the highest and lowest median tax bills both recorded at $1,829 in the zip code 61075.
Average Scales Mound Assessed Value
$98,611
Average Jo Daviess County Assessed Value
$98,005
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scales Mound, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61075 | $58,250 | $66,798 | $98,611 | $147,542 | $188,297 |
Source: Ownwell
Property Tax Bills Across Scales Mound, Illinois
In Scales Mound, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in this city, located in Jo Daviess County, experience tax bills that reflect a range of values depending on their property's assessed worth. The median home price in Scales Mound is $98,611, and property taxes can significantly vary. For instance, the 25th percentile tax bill stands at $1,476, while the 75th percentile tax bill reaches $3,633. At the higher end, the 90th percentile tax bill is $4,835. These tax bills are influenced by several factors, including local government budgets, school funding needs, and other municipal services. Property taxes directly impact homeowners by affecting their annual financial obligations. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates can differ. Homeowners in Scales Mound should be aware of these variations to better manage their finances and plan for future expenses.
Average Scales Mound Tax Bill
$1,829
Average Jo Daviess County Tax Bill
$2,492
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Scales Mound, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61075 | $1,298 | $1,476 | $1,829 | $3,633 | $4,835 |
Source: Ownwell